lack of liquidity, I am a supporter ofa more proactive approach, movingfrom a price taking role to a pricemaking model. This can changethe whole picture-- when there isa market event, buy-siders mightbecome opportunistic buyers.”Pioneer is already doing this--aslong as it falls within its investmenttargets as a long-term asset holder.But the big move to all-to-allplatforms is still to happen and re-quires a shake-down of the multi-ple platforms on the scene. Minieriis also a proponent of social net-work platforms like Algomi linkingtwo parties that otherwise wouldnot have traded. And, of course, hehas a view on blockchain which hesays “is going to change the future“Right now you are talking aboutsix or seven intermediaries that sitbetween you and trade counter-party,” he says. “Imagine these willall disappear and you have just onesingle blockchain sitting there andyour trade is just a string of num-bers that changes. It will changethe face of the industry as all peo-ple today sitting in the middle willhave to find a new role.”Pioneer is currently running aninnovation project in blockchain tosee how it can be disruptive for themarket and help to enhance its ownprocesses. The future of this, andother plans, is, however, dependenton a certain proviso. Pioneer’sparent UniCredit, Italy’s largestbank, announced in September thatit was putting the asset managerup for sale. Minieri says that itcontinues to be business-as-usual.Time will tell what happens. Butwhoever decides to take over thecompany will have inherited a firstclass trading operation.

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